Stories recommend that LetsGetChecked, headquartered in Dublin and New York, will elevate $150m by a convertible notice providing to assist finance the deal.
Irish well being testing start-up LetsGetChecked is planning to amass US digital pharmacy supplier Truepill.
Based by Peter Foley in 2015, LetsGetChecked builds and delivers at-home testing kits together with hormone exams, fertility exams, HPV exams and wellness exams for ldl cholesterol and diabetes.
Throughout the pandemic, LetsGetChecked was fast to pivot to offering Covid-19 testing kits after securing FDA approval. The corporate reached unicorn standing in 2021 following a $150m Sequence D funding spherical led by Casdin Capital.
In response to Axios, California-headquartered Truepill has agreed to the $525m acquisition provide made by LetsGetChecked this week. $25m of the acquisition is in money, whereas the rest is in inventory. Axios mentioned the acquisition contains one other $200m in doable earnouts tied to income milestones.
Each LetsGetChecked and Truepill are backed by Optum Ventures, a Boston-based enterprise capital agency that invests in healthcare tech. Axios reviews that LetsGetChecked will elevate round $150m by a convertible notice providing to assist finance the deal.
This comes two years after the Irish start-up dually headquartered in Dublin and New York secured $20m from Morgan Well being, a enterprise unit of JPMorgan Chase, as a part of a Sequence D2 funding spherical led by Casdin Capital and Transformation Capital.
Axios mentioned that the brand new firm following the deal is predicted to make use of the Truepill identify, at the least initially, and retain most of Truepill’s senior administration.
In 2022, LetsGetChecked expanded its at-home testing companies to incorporate genome sequencing, by the acquisition of Veritas Genetics and Veritas Intercontinental. It additionally acquired BioIQ, an analytics-driven inhabitants well being and diagnostics firm.
Final November, the start-up acquired FDA authorisation for an at-home pattern assortment system to check for chlamydia and gonorrhoea. Earlier that month, LetsGetChecked appointed Joe Keenan as head of life sciences on its business workforce.
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